Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 46:

• JAMB 2000

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

A. Cost
B. Prudence
C. Consistency
D. Entity

Question 47:

• JAMB 2000

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?

A. N 418,350
B. N404,950
C. N400,250
D. N398,250

Question 48:

• JAMB 2000

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is

A. N 524,600
B. N408,600
C. N381,600
D. N327,600

Question 49:

• JAMB 2000

Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

A. N 41,000
B. N65,000
C. N71,000
D. N77,000

Question 50:

• JAMB 2000

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

A. Sales income
B. Receipt from debtors
C. Fixtures and fittings
D. Rent paid